Islamabad: The International Monetary Fund (IMF) has postponed the approval of a new loan program for Pakistan until next month.
Details reveal that Pakistan’s name is still not on the IMF Executive Board’s schedule, which will consider applications from Vietnam and three other countries between August 28 and 30.
The approval of the new loan program for Pakistan has been deferred until next month. A significant reason for the delay is the failure to roll over $12 billion in loans from friendly countries on time.
Sources indicate that the IMF has set conditions for external financing assurances before the board meeting. Pakistan currently has $5 billion deposited from Saudi Arabia, $4 billion from China, and $3 billion from the UAE.
The government is working to roll over the $12 billion deposits from these three countries and secure refinancing for commercial loans. Additionally, Pakistan needs to make external payments totaling $26.4 billion, including commercial loans, during the current fiscal year.
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